Adani Enterprises Jumps 8% on Clarification of ‘Baseless’, False Allegations

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Adani Enterprises Jumps 8% on Clarification of ‘Baseless’, False Allegations
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of Adani Group stocks have risen on Wednesday, a day after they slumped up to 10% and 6 stocks hit 5% lower circuits.

Adani Enterprises (NS: ADEL ) and Adani Ports (NS: APSE ) listed on the benchmark index Nifty50 are top gainers on the pack and have zoomed up to 8% in Wednesday’s intraday session.

This comes after Adani Group released its clarification on an allegation report published by The Ken, claiming it ‘baseless and deliberately mischievous’.

In a media statement released on Wednesday, March 29, the ports-to-power conglomerate has strongly refuted a news report published by The Ken, which claimed that Adani Group had not completed the repayment of its debt worth $2.15 billion.

To this, Adani Group responded that it has completed the full prepayment of margin-linked share-backed financing aggregating to $2.15 billion, adding that all corresponding shares pledged for these facilities have been released.

The conglomerate stated that all the share-backed facilities availed by its promoters have been paid off.

Adani Group further clarified as per The Ken’s report that any share pledge or release is automatically reported by system driven disclosure (SDD) mechanism of the depository participant, without the requirement of a separate filing.

“The same has already been updated and is reflected on the NSE website. However, the BSE website has not been updated to reflect the same,” the conglomerate added.

On March 28, The Ken published a report titled, ‘The Adani Group wants you to believe it has repaid all its loans against promoters’, alleging that despite the Group’s claim of complete repayment of $2.15 billion in share-backed debt, regulatory filings show that banks have not released a significant portion of the promoters' shares held as collateral, indicating that the debt has not been fully paid off.

Read Also: Adani Heatmap: 6 Stocks at Lower Circuits; What Drove the Slump?

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  • Sanjay Jain @Sanjay Jain
    should there be action on the entity giving false report. SEBI should enquire, if ken or its related entity has made any profit on the basis this false report.
    Like 3
    • Nilesh Patel @Nilesh Patel
      Modi ka hath hai.. koi kuchh nahi bolega ke karega
      Like 1

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